Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

This issue cannot wait until the end of the year. Many factors are involved in the dramatic escalation in motor insurance premiums, including court awards, the need for a review of the Personal Injuries Assessment Board, legal costs, false and exaggerated claims, regulatory oversight and the lack of transparency regarding the profits earned by insurance companies. All these issues must be examined. While the industry has a role to play in this regard and must have its voice heard, the voice of consumers also needs to be heard. Deputies hear day in and day out about dramatic increases in motor insurance premiums. These increase are occurring across the board but younger drivers and the owners of older vehicles in particular are being hammered by increases in insurance premiums.

The current rate of increase is not sustainable as it will act as a drag on the economy and impact on the business community. We need to get to the bottom of the factors driving the increases and then tackle them. I encourage the Minister to arrange a further debate in the House as soon as motor insurance aspect of the review has been completed. I hope some degree of consensus would then be reached on the steps required to arrest the increase in premiums and hopefully reduce them.

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